Clay Northam Wealth Management LLC Purchases 1,220 Shares of Shopify Inc. $SHOP

Clay Northam Wealth Management LLC raised its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 24.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,276 shares of the software maker’s stock after purchasing an additional 1,220 shares during the period. Clay Northam Wealth Management LLC’s holdings in Shopify were worth $724,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Worth Asset Management LLC bought a new position in Shopify during the second quarter valued at $236,000. Integrity Alliance LLC. bought a new position in Shopify during the first quarter valued at $211,000. Jacobs & Co. CA bought a new position in Shopify during the second quarter valued at $285,000. Focus Partners Wealth grew its holdings in Shopify by 7.4% during the first quarter. Focus Partners Wealth now owns 288,722 shares of the software maker’s stock valued at $27,567,000 after purchasing an additional 19,908 shares during the period. Finally, Ascent Group LLC bought a new position in Shopify during the first quarter valued at $513,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of SHOP stock opened at $140.25 on Friday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $159.01. The company has a market capitalization of $182.28 billion, a PE ratio of 78.35, a price-to-earnings-growth ratio of 6.65 and a beta of 2.69. The business’s fifty day moving average is $140.00 and its 200 day moving average is $115.28.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the business posted $0.26 earnings per share. The firm’s revenue was up 31.1% compared to the same quarter last year. On average, sell-side analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent research reports. Robert W. Baird increased their target price on Shopify from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 14th. JMP Securities increased their target price on Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. Benchmark restated a “buy” rating and set a $140.00 target price (up previously from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Evercore ISI increased their target price on Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Finally, National Bankshares increased their target price on Shopify from $140.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $151.69.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.